Lima, OH
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Lima, OH Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Lima Housing Market Information

With a population of 37,873, 14,029 total housing units (homes and apartments), and a median house value of $63,245, house prices in Lima are some of the most affordable in Ohio as well as the nation.

Single-family detached homes are the single most common housing type in Lima, accounting for 64.17% of the city's housing units. Other types of housing that are prevalent in Lima include duplexes, homes converted to apartments or other small apartment buildings ( 16.98%), large apartment complexes or high rise apartments ( 14.54%), and a few mobile homes or trailers ( 2.38%).

The most prevalent building size and type in Lima are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 42.06% owning and 57.94% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Lima's housing was primarily built during this period, from the '40s through the '60s. A full 45.86% of the city's housing hails from this era. Other housing ages represented in Lima include homes built before 1939 ( 32.06%) and housing constructed between 1970-1999 ( 19.11%). There's also some housing in Lima built between 2000 and later ( 2.98%).

Vacant housing appears to be an issue in Lima. Fully 16.79% of the housing stock is classified as vacant. Left unchecked, vacant Lima homes and apartments can be a drag on the real estate market, holding Lima real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Lima Home Appreciation Rates

Real estate appreciation rates in Lima's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.62% during the period.

NeighborhoodScout's data show that during the latest twelve months, Lima's appreciation rate, at 3.59%, has been at or slightly above the national average. In the latest quarter, Lima's appreciation rate has been -0.50%, which annualizes to a rate of -1.97%.

Relative to Ohio, our data show that Lima's latest annual appreciation rate is higher than 50% of the other cities and towns in Ohio.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Lima differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lima - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Lima real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$63,245

Lima, OH HOME PRICES

Value Range
> $1,060,000 0.1
$795,001 - $1,060,000 0.1
$530,001 - $795,000 0.5
$424,001 - $530,000 0.0
$318,001 - $424,000 0.3
$212,001 - $318,000 2.1
$106,001 - $212,000 15.2
$53,001 - $106,000 48.3
$0 - $53,000 33.4

Very Low for OH
Very Low for Nation

Value Relative to Nation Value Relative to State
97.3045822102426 98.9501312335958

Number Of Homes And Apartments:
14,029

Lima Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
6.94% 0.39% 4 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$738 / per month

Homeownership Rate

Homeownership
Owners 42.06
Renters 57.94
Vacant 16.79

Housing Market Details

 

Age of Homes

AGE OF Lima HOMES
2000 or Newer 3.0
1970 - 1999 19.1
1940 - 1969 45.9
1939 or Older 32.1

Types of Homes

TYPE OF Lima HOMES
Single-Family 64.2
Townhomes 1.9
Small Apt. Buildings 17.0
Apt. Complexes 14.5
Mobile Homes 2.4
Other 0.0

Home Size

SIZE OF Lima HOMES
No Bedroom 2.99
1 Bedroom 10.04
2 Bedrooms 31.18
3 Bedrooms 45.29
4 Bedrooms 9.07
5 or more bedrooms 1.42